Page 21 - Banking Finance August 2019

PRESS RELEASE

ICICI Bank launches ‘InstaBIZ’, India’s first most comprehensive
digital banking platform for MSMEs

ICICI Bank announces the launch of a new digital platform customise its account number, which is displayed instantly.
curated specially for MSMEs and self-employed customers With the above array of digitisation, ‘InstaBIZ’ is the most
to enable them to undertake their business banking comprehensive and only digital banking platform in the
transactions digitally and instantly. Called, ‘InstaBIZ’, it country and among few globally for self-employed segment
allows customers to avail as many as over 115 products and and MSMEs, that provides a bouquet of comprehensive
services in a digital and secure manner on their mobile solutions in ‘one single place’.
phone or internet banking platform. Many of the services
are first-in-the-industry and are available instantly. With Speaking about the initiative, Mr. Pankaj Gadgil, Head - Self
this, MSMEs can now enjoy enhanced convenience and Employed Segment, ICICI Bank, said, “The MSME and self-
productivity, as they can complete their banking employed segment in India employs the largest workforce
transactions ‘on-the-go’, without visiting a bank branch. and is the backbone of our economy. We believe that ‘ease
of doing business’ and ‘digitisation’ are key parameters for
This first-of-its-kind comprehensive digital platform for the growth of the MSME businesses. To this endeavour, we
businesses enables them to experience the convenience of have launched ‘InstaBIZ’, the country’s first digital platform
a range of services completely digitally ---instant overdraft
facility (upto Rs 15 lakh) & business loans, easy bulk for entrepreneurs available as a mobile app and web portal.
collection & payments of funds through multiple digital A result of long and extensive research into the digitisation
modes, automatic bank reconciliation and undertake largely requirements of business transactions, we believe that
all of the export-import transactions like inward and ‘InstaBIZ’ is the most comprehensive digital platform
outward remittances among others. Further, it is the first available among banks in the country today. With 115
digital banking platform to enable instant payment of GST services on ‘one single digital' platform, it allows MSMEs
using the challan number in a single click payment. and entrepreneurs to undertake almost all business-banking
Additionally, they can instantly apply for a Point-of-Sale (PoS) transactions digitally and on-the-go. It brings in
machine as well as instant marine insurance policy—both unprecedented convenience for them by eliminating branch
industry first services. visits for transactions; providing access to instant OD even
to non-customers of the Bank; instant tax-payments,
MSMEs, who are not customers of the Bank, can also
download ‘InstaBIZ’ and enjoy the un-paralleled inward remittances among many others. We believe that
convenience of industry-first solutions. Prominently, they this ‘all-in-one’ digital platform service will provide easy
can get instant sanction of an overdraft facility upto Rs 10 banking services to MSMEs, free up their bandwidth from
lakh simply by uploading their bank statements and KYC paper-intensive procedures and thus boost their business
details. They can also apply for a current account and growth by improving overall productivity and efficiency.”

140 co-op banks in Maharashtra to adopt AI-powered cyber security scheme
As much as 140 co-operative banks in Maharashtra will soon adopt an artificial intelligence-powered cyber security
programme. With the Maharashtra State Co-operative Banks’ Association (MSCBA) tying up with cyber security com-
pany Sequretek, all 400-odd member co-operative banks will eventually avail the RBI guidelines-compliant system. The
programme was inaugurated by Ravindra Chavan, Minister of State for Information Technology, Ports, Medical Educa-
tion, Consumer Protection, Food and Civil Supplies, along with board members of the MSCBA and representatives of
over 100 co-operative banks, including some from remote parts of the state.
“In recent years, there have been several cyber attacks on cooperative banks, and a sizeable amount of money has
been lost. In addition, the RBI has issued guidelines on cyber security,” said Pankit Desai, co-founder of Sequretek. As
a pilot programe began with three banks — Chembur Nagrik Sahakari Bank, Vysya Sahakari Bank and Ambernath Jai
Hind Cooperative Bank — stakeholders realised there were threats that even small banks faced. “Sequretek and MSCBA
will work jointly to train over 1,000 bank professionals in cyber security to manage threats on sites within the member
banks, as well as build a cyber aware community,” Desai said. Swati Pande, CEO of MSCBA, said the member banks
have been for some time now aware of the potential impact of cyber security threats.

BANKING FINANCE | AUGUST | 2019 | 21